We have seen first hand how serious claims can be with regards to a vacant property. Thieves are probably the most frequent source of claims, breaking and entering to steal valuable materials such as copper and lead pipes.
One property we insure incurred over $200,000 worth of damage when thieves destroyed water pipes to access copper pipes, leaving water flowing through a building until its next inspection (5 days). They even destroyed an entire change room, smashing basins and ceramic shower rooms, just to access metal washers in the taps. We estimate they got away with less than $5,000 worth of valuable items.
An Insurer we spoke with paid out in excess of $1,000,000 for a similar scenario where around $20,000 worth of valuables were actually stolen. With regular occurrences such as these, it’s no wonder why insurers are reluctant to offer insurance for vacant buildings.